Cryptocurrency market crashes after Goldman-Sachs axes trading plans

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Thursday, September 6, 2018

The cryptocurrency market is in the midst of a disaster – and it doesn’t seem like it will be ending soon.

Goldman-Sachs announced yesterday that they were rolling back plans to launch a trading desk for cryptocurrency, which lead to a major sell-off across all of the currencies in the market.

Bitcoin has lost about 15% of its value – dropping from $7378.78 USD at 8:00AM UTC on Wednesday to $6419.60 USD at 4:15PM UTC on Thursday. Other cryptocurrencies, such as Etherem and Litecoin, have also suffered an average of %15 in value loss.

Bitcoin watchdog CCN has suggested that the crash is not a result of the Goldman-Sachs announcement, but a result of falling bitcoin prices since the cryptocurrency crash that occurred in February.

Regardless of the cause of the crash, some Twitter users have been advising others to leave the Cryptocurrency market alltogether under the #bitcoin tag.

This article will be updated as more information becomes available.



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